HSBC says pre-tax profits rose to $12.9bln in first quarter

Global banking giant HSBC announced Tuesday a $9-billion jump in pre-tax profits in the first quarter of 2023, projecting strong earnings for the rest of the year.

The London-headquartered bank reported pre-tax profits of $12.9 billion for the opening quarter, up from $3.4 billion in the same period last year.

Revenue leapt 64 percent to $20.2 billion.

“Our strong first quarter performance provides further evidence that our strategy is working,” chief executive Noel Quinn said in a statement.

“Our profits were spread across our major geographies, and all three global businesses performed well as we continued to meet our customers’ needs through our internationally connected franchises.”

Quinn added that HSBC has also announced its “first quarterly dividend since 2019 of $0.10 per share” and a share buy-back of up to $2 billion.

This report’s information was first seen on ZAWYA; to read more, click this link.